Cloud-based administration software provider Class has formally announced its selection by BT Financial Group (BTFG) to be the accounting software engine behind the recently completed BT Panorama SMSF solution.

Many accountants were not rushing to be licensed despite the looming deadline, however, there was an aggressive marketing campaign by licensees to gain accountants under their respective dealer groups, according to an industry executive.

Offshoring SMSF administration and compliance work is becoming more common among accountants as the services receive more take-up and the quality of work improves.

Accountants have been told to focus on the upside of entering the SMSF space, with an increase in fees a key positive outcome.

Becoming licensed or authorised to provide advice is the easy part. David Lunn points out it’s what will happen after 1 July this year that accountants should really focus on.

Accountants entering the SMSF space must ensure they have built strategies around their clients, but also learn how to communicate the benefits of each strategy in order to get the price right.

Accountants are facing multiple headwinds, including technology, commoditisation and increased competition from tax advisers, but it is not too late to demonstrate their value and relevance to clients.

Fiducian Financial Services (FFS) has revealed accountants using its practice development Associates Program are going all the way and opting to become fully licensed, rather than sticking to the establishment of SMSFs.

Perpetual Private has expanded its Accountants Partnership Program through a new business arrangement with professional firm Cowell Clarke Commercial Lawyers.